Madinet Masr, a leading real estate developer founded by Egyptian tycoon Abdallah Sallam, has signed a Memorandum of Understanding (MoU) with Smart Construction and Development. This collaboration will promote the development of the Sarai multi-purpose project in New Cairo, which is valued at EGP650 million ($13 million), representing a significant step forward in regional growth.
The Sarai project, which spans 26,000 square meters, is intended to further Madinet Masr’s aim of developing sustainable and excellent urban environments. This effort, which is set to be completed within a year of the contract date, has the potential to accelerate the company’s growth trajectory and solidify its place in Egypt’s real estate scene.
According to the deal, SCAD will oversee the construction of residential buildings, landscaping, fencing, and surface drainage for the Sarai project’s Project Croons. This strategic cooperation is intended to improve project efficiency while maintaining high quality standards. Madinet Masr hopes to shorten project times while providing a superior living experience by leveraging SCAD’s expertise.
Strategic cooperation will enhance Egypt’s real estate
Abdallah Sallam, President and CEO of Madinet Masr, highlighted his enthusiasm for the relationship, saying, “Our dedication to providing great services to our clients motivates us to engage with distinguished partners like SCAD, who share our vision and have an established track record of performance. Together, we hope to raise our flagship project, Sarai, and make a major contribution to Egypt’s real estate sector.”
Mahmoud El Awady, CEO of SCAD, echoed this attitude, highlighting the partnership’s emphasis on exceptional quality and efficiency. “Our goal is to deliver unparalleled project execution, ensuring a distinctive living experience that meets and exceeds customer expectations,” El Awady told me.
Madinet Masr expands its real estate portfolio.
Madinet Masr, founded in 1959, has evolved from a public real estate firm focused on Nasr City to a diversified leader in the Egyptian real estate industry under Abdallah Sallam’s direction. Sallam, who also formed MINKA Development, a significant component of Madinet Masr, retains a 5% share in the company and is a key figure in the field.
The company has enhanced its market position by signing a Memorandum of Understanding with Aboelwafa Contracting and Real Estate Investment Company for more residential units in the Sarai project. It has also signed a new agreement with Heliopolis Housing and Development Company (Misr Al-Gadida) for a large project in Cairo, broadening its portfolio and strengthening its market position.